Meta shareholders knock back Bitcoin treasury idea
Summary
Meta shareholders rejected a proposal to assess adding Bitcoin to the company's balance sheet, with only 3.92 million votes in favor (0.08% of total) against nearly 5 billion votes against. CEO Mark Zuckerberg, controlling 61% of voting power, likely influenced the outcome. The proposal, submitted by Bitcoin advocate Ethan Peck, aimed to invest part of Meta's $72 billion cash reserves into Bitcoin as a hedge against inflation. Peck argued that cash is losing value and cited BlackRock's advice for a 2% Bitcoin allocation. Similar proposals by Peck to Microsoft and Amazon were also rejected or pending. Despite these setbacks, 116 public companies have begun acquiring Bitcoin, with MicroStrategy leading in holdings.
